In a significant development, Russia has pledged to become the foremost contributor to India’s energy security, underscoring its commitment through substantial oil purchases and prioritized long-term contracts for essential commodities such as crude, coal, and fertilizers. This announcement comes in the wake of bilateral talks between Prime Minister Narendra Modi and President Vladimir Putin, where the two nations set an ambitious trade target of $100 billion by 2030.
Roman Babushkin, chargé d’affaires at the Russian embassy, emphasized Russia’s steadfast support for India’s energy and food security needs. He highlighted the exponential rise in Russia’s crude oil exports to India, which have surged significantly over the past years, currently covering between 30% and 40% of India’s crude imports.
The strategic partnership between India and Russia extends beyond energy cooperation to include investments in energy infrastructure, nuclear technology, and petrochemical manufacturing. Discussions have also encompassed advanced initiatives such as floating nuclear reactors, small modular reactors, and nuclear medicine.
Evgeny Griva, deputy trade commissioner at the Russian embassy, highlighted Russian LNG majors’ interest in the Indian market, signaling robust collaboration in petrochemical technologies to support India’s growing industrial demands.
Regarding the nuclear sector, Babushkin clarified that while a 2018 agreement exists for a second nuclear power plant in addition to the Kudankulam facility, further site considerations and feasibility studies are ongoing to meet India’s evolving energy requirements.
Addressing concerns over Indians recruited into the Russian Army, Babushkin assured that both countries are working to resolve the issue swiftly through established diplomatic channels, amidst calls from India for the repatriation of its nationals involved in non-combat roles.
The diplomatic engagement between India and Russia has been viewed positively by Babushkin, who dismissed international criticism as attempts to undermine the natural and comprehensive ties between the two nations. He emphasized that the bilateral discussions reflect a commitment to harnessing their full potential in a multipolar world.
Sources By Agencies
